Eavor Demobilizes Rigs from Geretsried: What It Really Means for Closed-Loop Geothermal For three years, two drilling rigs on a farm estate near Geretsried, a Bavarian town about 40 km south of Munich, stood as the symbol of the world's most ambitious closed-loop geothermal experiment. Now in October 2026, Eavor Technologies, the Calgary-based developer of the Eavor-Loop, has told the town and its heating utility that both rigs would leave the site . The company said keeping idle rigs and specialist services on site was costly, and that releasing them would help put the project in the strongest position to continue with Loop 2 once its commercial structure is reworked . On the surface, this is a logistics decision. Underneath, it is one of the clearest signals yet about where first-of-a-kind geothermal technology stands, and how hard it is to turn a technical proof into a bankable business. This article explains exactly what happened, what the move means and what it does not mean...
Just weeks after a record-breaking IPO, the flagship project of the "geothermal unicorn" faces its first major operational crisis. By : Robert Buluma Beaver County, Utah – The morning of May 27, 2026, began like any other at the Cape Station construction site in rural Utah. Workers for Fervo Energy, the newly public darling of the renewable energy world, were engaged in the complex task of drilling deep into the Earth’s crust to unlock what the company promised would be the future of 24/7 clean power. But by the afternoon, the routine had turned into a crisis. The site had experienced a blowout—an uncontrolled release of fluid or pressure from a well. For any energy company, a blowout is a serious matter. For Fervo Energy, which had just raised $1.89 billion in a blockbuster Nasdaq debut two weeks prior, it represents an immediate stress test of its technology, its safety protocols, and its $7.7 billion market valuation. While the well has since been contained and no injur...